Crop futures fell further on Friday, pressured down by a wetter forecast in Argentina, residual negativity from Thursday’s USDA report and an expected downgrade to France and Austria’s credit rating.
March canola settled at $515.10 per tonne, down $5.20.
For the week, the contract fell $8.30 or 1.6 percent. Canola’s decline was cushioned by pricing of existing and new export business triggered by the lower prices.
March soybeans on the week fell 3.2 percent and corn fell 6.8 percent.
• One weather model is suggesting there might be more rain than expected next week in Argentina and southern Brazil. This week, two to four inches of rain fell in the dry parts of Argentina. Many think damage has already been done to corn, but soybeans were planted later and might be less affected.
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• Wheat got some support on worries about frigid, crop-damaging weather in the U.S. winter wheat belt and the lack of protective snow cover in many areas.
• Financial markets plunged and the U.S. dollar rose after reports circulated that Standard & Poor’s was set to downgrade the credit ratings of France and Austria.
• U.S. markets are close Monday for Martin Luther King Day.
• The Canadian Oilseed Processors Association said members crushed 139,906 tonnes of canola in the week ending Jan. 11, down about one percent from the week before. That represents a crush capacity of 95 percent.
Winnipeg (per tonne)
Canola Mar 12 $515.10, down $5.20 (-1.00%)
Canola May 12 $519.20, down $5.30 (-1.01%)
Canola Jul 12 $521.90, down $6.50 (-1.23%)
Canola Jan 13 $507.10, down $5.10 (-1.00%)
The previous trading day’s best basis was $12 per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg.
Western Barley Mar 12 $212.00, down 1.00 (-0.47%)
Chicago (per bushel)
Soybeans Mar 12 $11.5825, down 24.25 cents (-2.05%)
Soybeans May 12 $11.6775, down 24.75 (-2.08%)
Soybeans Jan 13 $11.7875, down 17.75 (-1.48%)
Corn Mar 12 $5.995, down 12.0 (-1.96%)
Corn Dec 12 $5.5525, down 5.75 (-1.02%)
Oats Mar 12 $2.825, down 1.75 (-0.62%)
Oats Dec 12 $2.985, down 1.5 (-0.50%)
Minneapolis (per bushel)
Spring Wheat Mar 12 $8.0125, down 6.25 cents (-0.77%)
Spring Wheat May 12 $7.8575, down 6.75 (-0.85%)
Spring Wheat Dec 12 $7.715, up 0.5 (+0.06%)
Nearby light crude oil in New York fell 40 cents to settle at $98.70 a barrel.
The Canadian dollar at noon was 97.61 cents US, down from 98.06 the previous trading day. The U.S. dollar at noon was $1.0245 Cdn.
The Toronto Stock Exchange composite ended down 43.26 points, or 0.35 percent, at 12,231.06.
The Standard and Poor’s 500 lost 6.41 points, or 0.49 percent, to 1,289.09.
For the week, the TSX was up 0.3 percent, the Dow rose 0.5 percent, the S&P 500 advanced 0.9 percent, and the Nasdaq gained 1.4 percent.
The TSX is ahead 2.3 percent since the start of the year.
